OneWeb has secured $1.25 billion in its latest funding round. The company, which seeks to deploy a satellite communication network by 2021 that will enable global high-speed, low-latency Internet access, has now raised a total of $3.4 billion to fund its mission. Tokyo-based Softbank Group Corp., Mexico’s Grupos Salinas, San Deigo-based Qualcomm Technologies Inc., and the Government of Rwanda led the last round of funding.
OneWeb’s will begin increasing its current stock of satellites, initially produced through a joint venture with Airbus, this spring at its new, state-of-the-art manufacturing facility in Exploration Park, Florida. Following the company’s successful launch of satellites on February 27, OneWeb will embark on the largest satellite launch campaign in history.
“This latest funding round, our largest to date, makes OneWeb’s service inevitable and is a vote of confidence from our core investor base in our business model and the OneWeb value proposition,” says Adrian Steckel, chief executive officer of OneWeb.
“With the recent successful launch of our first six satellites, near-completion of our innovative satellite manufacturing facility with our partner Airbus, progress towards fully securing our ITU priority spectrum position, and the signing of our first customer contracts, OneWeb is moving from the planning and development stage to deployment of our full constellation. Our success is made possible thanks to the backing of our investors and the cooperation of our world class commercial partners including Arianespace, Airbus, Qualcomm Technologies Inc., Virgin, and Hughes,” adds Steckel.
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William Kucinski is content editor at SAE International, Aerospace Products Group in Warrendale, Pa. Previously, he worked as a writer at the NASA Safety Center in Cleveland, Ohio and was responsible for writing the agency’s System Failure Case Studies. His interests include literally anything that has to do with space, past and present military aircraft, and propulsion technology.
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